Small Business

Government Accountability Office Predicts Trouble with PPP Loan Forgiveness The Government Accountability Office (GAO) released a new report Monday warning of potential delays and bureaucratic difficulties for businesses attempting to convert their Paycheck Protection Program (PPP) loans into forgivable grants. As of September 8, the Small Business Association (SBA) has processed and forgiven only 56,000…

White House Signs PPP Extension On July 4, 2020, President Trump signed S. 4116 into law. The bill extends the Paycheck Protection Program (PPP) application period to August 8, 2020. The U.S. Senate and U.S. House of Representatives passed the bill last week.   To read the statement from the White House, click here. Categories…

House Passes PPP Extension The U.S. House of Representatives just passed S. 4116, a bill that extends the Paycheck Protection Program (PPP) application period to August 8, 2020. The U.S. Senate passed the bill last night under unanimous consent. The bill will be sent to President Trump’s desk to be signed into law. Categories Auto…

U.S. House Committee Holds Hearing on the EIDL The U.S. House Committee on Small Business convened a hearing entitled, “The Economic Injury Disaster Loan Program: Status Update from the Administration.” Per the hearing notice from the committee, Mr. Rivera is responsible for the implementation of the Economic Injury Disaster Loan (EIDL) program, and the hearing…

U.S. Senate Passes PPP Extension through August 8, 2020 Last night, the U.S. Senate passed a bill extending the Paycheck Protection Program (PPP) until August 8, 2020 under unanimous consent. The passage of the bill comes hours just before deadline for applications closed at midnight June 30, 2020. Per Politico, Senators had agreed that small…

SBA and Treasury Announce New and Revised Guidance Regarding the PPP Per the U.S. Small Business Administration: The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP).  This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law…

Bipartisan Letter to SBA Regarding EIDL Yesterday, the House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) and Ranking Member Steve Chabot (R-OH) led a bipartisan group of Committee members in a letter to the Small Business Administration (SBA) asking for information regarding issues borrowers have faced with the Economic Injury Disaster Loan (EIDL) Program. In the…

Trump Signs PPP Flexibility Act Into Law President Trump just signed H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act, into law. The bipartisan bill introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN) passed the U.S. House of Representatives last week on a 417-1 vote. The U.S. Senate passed the bill this…

UPDATE: Additional Information for PPP and Small Business Assistance The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The U.S. Department of the Treasury and the U.S. Small Business Administration released additional guidance regarding the Paycheck Protection Program: Assistance for…

SBA and Department of Treasury Announce Interim Final Rule The U.S. Small Business Administration (SBA) and U.S. Department of Treasury released an interim final rule on Temporary Changes to the Business Loan Program under the Paycheck Protection Program (PPP). The interim rule provides borrowers and lenders guidance on requirements governing the forgiveness of PPP loans.…